Hidden Rental Costs, Business Expenses & is the FHSA Right for You?
About this episode
Jess and Colleen discuss hidden costs in investing and homeownership, along with the details of Canada's First Home Savings Account.
Jess & Colleen discuss unexpected “hidden costs” in investing, homeownership, and business operations. Jess shares surprises from a newly purchased up/down duplex rental property, including an unfinished backyard, choosing gravel over grass to reduce tenant maintenance, and contractor quotes for wood privacy fence and gravel. Colleen shares hidden business costs, moving from manual Excel payroll calculations to scheduling/time-tracking and payroll platforms costing about $70–$80 per month to save time and reduce errors. The episode explains Canada’s First Home Savings Account (FHSA): contributions reduce taxable income like an RRSP, withdrawals are tax-free for a first-time primary home purchase without repayment, the annual limit is $8,000, and the lifetime limit is $40,000; they note investing choices should reflect a homebuying timeline and plan to discuss private equity next episode. 00:00 Welcome to TGIF 00:34 Weekly Catch Up 00:51 Rental Hidden Costs 01:55 Fence Quote Shock 05:43 Business Payroll Costs 07:56 FHSA Basics Explained 10:33 Investing Timeline Tips 12:18 FHSA Limits and CRA 14:43 Primary Home Rules 16:17 Landlords and Balance 17:17 Next Week Preview 17:34…
People in this episode
Hosts: Jess, Colleen
Topics covered
- hidden costs
- business expenses
- homeownership
- First Home Savings Account
- investing
- payroll management
Keywords
- hidden costs
- business expenses
- First Home Savings Account
- investing
- homeownership
- payroll
- taxable income
Mentioned in this episode
Organizations: Canada, CRA
Products: First Home Savings Account (FHSA), RRSP
Places: Canada
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